Further complicating matters is the fact that some money may have been transferred from futures customers' accounts to parties that actually had a right to money from MF Global—just not the funds from segregated accounts. DealBook reported that some of the missing money may have been transferred to securities clients who were withdrawing money from their accounts. In addition, millions of dollars have also been traced to banks and MF Global's trading partners.

Now that the money trail has been traced, the bigger question has become who authorized the transfers, and who is ultimately responsible for the transfers of the missing money. Bear in mind that it is very likely criminal charges may await the person responsible.